SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-15)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 1998-15
On May 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-15, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of August 1, 1998, among CWMBS, INC. as Depositor,
Countrywide Home Loans, Seller and Master Servicer and The Bank of New York, as
Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWMBS, INC., Mortgage Pass-Through
Certificates Series 1998-15 relating to the distribution
date of May 25, 1999 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of August 1, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: May 25, 1999
CWMBS, INC.
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-15
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A1 16,573,000.00 6.250000% 0.00 86,317.71 86,317.71 0.00 0.00
A2 17,387,000.00 6.550000% 0.00 94,904.04 94,904.04 0.00 0.00
A3 1,742,800.00 6.750000% 0.00 9,803.25 9,803.25 0.00 0.00
A4 105,261,316.72 6.750000% 3,483,167.86 592,094.91 4,075,262.77 0.00 0.00
A5 28,028,527.93 6.750000% 726,457.02 157,660.47 884,117.49 0.00 0.00
A6 9,422,000.00 6.750000% 0.00 52,998.75 52,998.75 0.00 0.00
A7 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
A8 23,317,000.00 6.750000% 0.00 131,158.13 131,158.13 0.00 0.00
A9 63,585,988.14 6.750000% 2,119,376.26 357,671.18 2,477,047.44 0.00 0.00
A10 14,425,000.00 6.750000% 0.00 81,140.63 81,140.63 0.00 0.00
A11 31,109,940.14 5.406250% 1,446,111.17 140,156.76 1,586,267.93 0.00 0.00
A12 8,065,540.04 11.933032% 374,917.71 80,205.29 455,123.00 0.00 0.00
A13 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
A14 1,793,711.60 6.750000% 0.00 0.00 0.00 0.00 0.00
A15 10,845,000.00 6.750000% 0.00 61,003.13 61,003.13 0.00 0.00
A16 55,730,000.00 6.750000% 0.00 313,481.25 313,481.25 0.00 0.00
PO 549,091.30 0.000000% 23,524.85 0.00 23,524.85 0.00 0.00
X 349,458,818.69 0.443263% 0.00 129,085.05 129,085.05 0.00 0.00
M 9,393,377.87 6.750000% 7,848.23 52,837.75 60,685.98 0.00 0.00
B1 4,473,131.71 6.750000% 3,737.33 25,161.37 28,898.70 0.00 0.00
B2 2,236,565.85 6.750000% 1,868.67 12,580.68 14,449.35 0.00 0.00
B3 1,789,451.40 6.750000% 1,495.10 10,065.66 11,560.76 0.00 0.00
B4 894,228.91 6.750000% 747.13 5,030.04 5,777.17 0.00 0.00
B5 1,342,873.38 6.750000% 1,121.98 7,553.66 8,675.64 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.08 0.08 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 406,222,744.98 - 8,190,373.32 2,400,909.79 10,591,283.10 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 16,573,000.00 0.00
A2 17,387,000.00 0.00
A3 1,742,800.00 0.00
A4 101,778,148.86 0.00
A5 27,302,070.90 0.00
A6 9,422,000.00 0.00
A7 0.00 0.00
A8 23,317,000.00 0.00
A9 61,466,611.89 0.00
A10 14,425,000.00 0.00
A11 29,663,828.97 0.00
A12 7,690,622.32 0.00
A13 0.00 0.00
A14 1,803,801.23 0.00
A15 10,845,000.00 0.00
A16 55,730,000.00 0.00
PO 525,566.45 0.00
X 341,936,895.55 0.00
M 9,385,529.64 0.00
B1 4,469,394.38 0.00
B2 2,234,697.19 0.00
B3 1,787,956.30 0.00
B4 893,481.77 0.00
B5 1,341,751.40 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 398,042,461.29 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-15
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior A1 16,573,000.00 6.250000% 12669AYP3 0.000000 5.208333 1,000.000000
A2 17,387,000.00 6.550000% 12669AYQ1 0.000000 5.458333 1,000.000000
A3 1,742,800.00 6.750000% 12669AYR9 0.000000 5.625000 1,000.000000
A4 105,261,316.72 6.750000% 12669AYS7 30.363930 5.161488 887.233894
A5 28,028,527.93 6.750000% 12669AYT5 24.215234 5.255349 910.069030
A6 9,422,000.00 6.750000% 12669AYU2 0.000000 5.625000 1,000.000000
A7 0.00 6.750000% 12669AYV0 0.000000 0.000000 0.000000
A8 23,317,000.00 6.750000% 12669AYW8 0.000000 5.625000 1,000.000000
A9 63,585,988.14 6.750000% 12669AYX6 28.258350 4.768949 819.554825
A10 14,425,000.00 6.750000% 12669AYY4 0.000000 5.625000 1,000.000000
A11 31,109,940.14 5.406250% 12669AYZ1 37.181307 3.603604 762.693740
A12 8,065,540.04 11.933032% 12669AZA5 37.181307 7.954112 762.693740
A13 0.00 6.750000% 12669AZB3 0.000000 0.000000 0.000000
A14 1,793,711.60 6.750000% 12669AZC1 0.000000 0.000000 1,051.779143
A15 10,845,000.00 6.750000% 12669AZD9 0.000000 5.625000 1,000.000000
A16 55,730,000.00 6.750000% 12669AZE7 0.000000 5.625000 1,000.000000
PO 549,091.30 0.000000% 12669AZF4 42.358023 0.000000 946.316461
X 349,458,818.69 0.443263% 12669AZG2 0.000000 0.329382 872.509122
M 9,393,377.87 6.750000% 12669AZJ6 0.830149 5.588931 992.757525
B1 4,473,131.71 6.750000% 12669AZ43 0.830149 5.588931 992.757525
B2 2,236,565.85 6.750000% 12669AZL1 0.830149 5.588931 992.757525
B3 1,789,451.40 6.750000% 12669AZQ0 0.830149 5.588931 992.757525
B4 894,228.91 6.750000% 12669AZR8 0.830149 5.588931 992.757525
B5 1,342,873.38 6.750000% 12669AZS6 0.830149 5.588931 992.757525
Residual AR 0.00 6.750000% 12669AZH0 0.000000 0.813159 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 406,222,744.98 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-15
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 398,042,461.29 398,042,461.29
Aggregated loan count 1253 1253
Aggregated average loan rate 7.399922% 7.40
Aggregated prepayment amount 7,840,858.09 7,840,858.09
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 79,752.67 79,752.67
Monthly sub servicer fees 6,337.95 6,337.95
Monthly trustee fees 3,046.67 3,046.67
Aggregate advances N/A N/A
Advances this periods 22,941.01 22,941.01
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 9,003,940.00 9,003,940.00
Special Hazard 7,745,712.28 7,745,712.28
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 406,222,744.98
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 5 1,546,535.08
60 to 89 days 4 1,237,141.30
90 or more 2 155,262.21
Foreclosure 2 261,698.51
Totals: 13 3,200,637.10
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 10,591,283.10 10,591,283.10
Principal remittance amount 8,190,373.32 8,190,373.32
Interest remittance amount 2,400,909.79 2,400,909.79
